Avant Files for OCC Bank Charter to Cut Funding Costs

Chicago-based online lending platform Avant applied for a de novo national bank charter with the Office of the Comptroller of the Currency on Friday, September 18, 2026, joining a wave of fintechs seeking deposit insurance and full banking powers. A charter would let Avant expand its credit card and unsecured loan products, diversify beyond them and lower its cost of funds, co-founder and CEO Al Goldstein said. The company, launched in 2013, targets middle-income Americans it says are underserved by traditional banks and uses its proprietary machine-learning tool CreditOS to assess creditworthiness. Avant has facilitated more than $17 billion in credit, according to Klaros Group, which advised on the application. The OCC has received 43 de novo charter applications since January 2025, approving 27, denying two and returning one; 15 sought full bank charters. The rest remain under review.